wrote in message
...
On Mon, 12 Sep 2005 23:45:00 -0400, in misc.consumers.frugal-living
"Chris"
wrote:


"SoCalMike" wrote in message
...
Chris wrote:
It's not welfare, it's a loan with a low interest rate. Funny how
only
in this
country "welfare" is a bad word. We are so brainwashed in this
country.


I am open ears as to what program this is? Better yet what are the
qualifications?
Please do tell!


doesnt HUD give loans?


HUD guarantees loans to the original loaner or mortgagee. Much like PMI
that us working stiffs pay for, if needed. In other words, another source
of welfare provided by our government.

This is, given his comments, as our disillusioned friend has, another
handout from our government. Although the welfare poster may be correct,
many government programs barley trust them to pay the mortgage they
insure,
yet alone the associated flood insurance. Nor do they trust the
homeowner's
intelligence to select a safe home, thus the strict guidance on their
insurance. More or less when you are getting mortgage insurance from the
government, they will assume your are an idiot and provide strict
guidelines
on the home you purchase. At less some savings for us working stiffs.


Yep it's welfare alright... CORPORATE WELFARE

You're just a racist, if you were worried about Welfare dollars and where
they
go you would focus on corporate welfare. Racism is ugly in any color.


Business and Industry Guaranteed Loans

The Business and Industry (B&I) Guaranteed Loan Program helps create jobs
and
stimulates rural economies by providing financial backing for rural
businesses.
This program provides guarantees up to 80 percent of a loan made by a
commercial
lender. Loan proceeds may be used for working capital, machinery and
equipment,
buildings and real estate, and certain types of debt refinancing. The
primary
purpose is to create and maintain employment and improve the economic
climate in
rural communities. This is achieved by expanding the lending capability of
private lenders in rural areas, helping them make and service quality
loans that
provide lasting community benefits. This program represents a true
private-
public partnership.

B&I loan guarantees can be extended to loans made by recognized commercial
or
other authorized lenders in rural areas (this includes all areas other
than
cities of more than 50,000 people and the contiguous and urbanized area of
such
cities or towns). Generally, authorized lenders include Federal or State
chartered banks, credit unions, insurance companies, savings and loan
associations, Farm Credit Banks or other Farm Credit System institutions
with
direct lending authority, a mortgage company that is part of a bank
holding
company, and the National Rural Utilities Finance Corporation. Other loan
sources include eligible Rural Utilities Service electric and
telecommunications
borrowers and other lenders approved by RBS who have met the designated
criteria.

Assistance under the B&I Guaranteed Loan Program is available to virtually
any
legally organized entity, including a cooperative, corporation,
partnership,
trust or other profit or nonprofit entity, Indian tribe or Federally
recognized
tribal group, municipality, county, or other political subdivision of a
State.
Applicants need not have been denied credit elsewhere to apply for this
program.

The maximum aggregate B&I Guaranteed Loan(s) amount that can be offered to
any
one borrower under this program is $25 million. A maximum of 10 percent of
program funding is available to value-added cooperative organizations for
loans
above $25 million to a maximum aggregate of $40 million.



The following financial data is as of September 30, 2004:
Obligations by State for 2000 through 2004




Memorandum of Agreement with Colson Services Corporation, a subsidiary of
JP
Morgan Chase Bank The agreement will provide greater opportunity for rural
lenders to participate in Rural Development's Business and Industry (B&I)
guaranteed loan program.

Program Administration

The program is administered at the State level by Rural Development State
Offices. To obtain the addresses and telephone numbers of State Offices,
visit
the Rural Development Field Office locator. For further information on
this
program, please call the State Office servicing your State.

Available online forms can be found at www.sc.egov.usda.gov



Do you know me? Must be. What race am I? Might I not be the same race as
you?

You do know what they say about people who assume?

You did fail to mention which PROGRAM of welfare you qualified for as
welfare from our government. Again, please do! It can only be assumed that
if you are that stupid to think that the government gave you the loan,
versus insuring the loan, you are truly a hindrance on the US.

Your quote of government help to small companies is admirable. What you
fail to realize is that this is a system of grants and guarantees from our
US government, to assist companies to hire people who would otherwise be on
welfare. Or in your case, receiving welfare on a mortgage.

Or are you saying that people who provide for themselves and discredit
others who do not, as racists?


--
Chris

If you can read this, thank a teacher. If it is in English, thank a
soldier. If it is in ebonics, thank your Congressman.